CoreLogic earnings dent full-year gains
Fourth-quarter revenues drop 6.6%
CoreLogic (CLGX) recorded full-year revenues of $1,330.6 million, up 7.7%, with growth in its newly formed Data and Analytics and Technology and Processing Solutions more than offsetting the impact of an estimated 20% decline in mortgage market volumes.
Operating income from continuing operations rose 1.7% and hit $172.9 million in 2013.
Additionally, net income from continuing operations for the year hit $130.2 million, up 43.3%, with earnings per share up 54% to $1.34 per share.
However, the end of the year did not produce the same kind of results.
In the fourth quarter revenues dropped 6.6% to $311.9 million due to an estimated 50% decline in mortgage market volumes, which was partially offset by growth in the D&A and TPS market share gains.
Operating income from continuing operations dipped 53.2% to $21.6 million, as net income from continuing operations reached $26.2 million, up 72.5%.
Meanwhile, adjusted earnings per share from continuing operations decreased 39.5% to 23 cents per share.
"We delivered revenue and earnings growth despite an estimated 20% drop in loan origination volumes," said Anand Nallathambi, president and CEO of CoreLogic.
"Despite significantly lower origination volumes for the second consecutive year, we expect to continue to make progress toward our imperatives of growing our D&A segment to over 50% of our total revenues and ensuring that our TPS operations are positioned to outperform their respective markets," Nallathambi continued.
CoreLogic recently announced it was moving forward with its restructuring initiatives.
The latest step in that initiative is that the businesses comprising the Asset Management and Processing Solutions segment will be classified as "for sale."
Core business operations have been reorganized into two operating segments — Data and Analytics and Technology and Processing Solutions.